Money can be sent from ‘Namaste Pay’ even if there is no internet, test from Tuesday
The long-awaited mobile wallet ‘Namaste Pay’ will be launched commercially from the end of this month.
Operated by Nepal Digital Payment Company with the joint investment of Nepal Telecom and Nepal Banijya Bank, this Namaste Pele is going to bring the facility of transferring without internet for the first time in Nepal.
Now Namaste Pay users can exchange money using Unstructured Supplementary Service Data (USSD) i.e. code number provided by the company even when internet is not available.
This means that now when we give any data pack of Nepal Telecom, we take Star 1415 hash, similarly, when sending money from Namaste Pay, it can be sent using the same code. Namaste Pay will be the first company to send money through USSD technology to mobile wallets operating in Nepal.
This facility is believed to be very useful for consumers who do not have internet access or do not have access to internet in rural areas.
Branches of commercial banks are also located in remote parts of the country. Similarly, the customers of Nepal Telecom have also spread to remote areas of the country. There is no internet facility in such places. There is no quality internet facility where the app runs. The company believes that it will be very useful to send money from USSD even in such places.
Another feature of this app is ‘Wallet to Wallet Fund Transfer’. Also, it has micro credit facility.
Hello Pay can also be sent to the bank and from the bank to the wallet. You do not have to load money from the bank linked to this app. You can also transfer money directly from the bank connected to this app.
Hello Pay is getting ready to start commercially later this month. According to a company official, the test will be held internally for a week before that. Preparations have been made to test it internally from Tuesday, September 8. The trial period will be the use of the app between the staff of Nepal Telecom and the staff of Commercial Bank.
This test will make it easier to fix any problems with the app. An internal test is being carried out as it will be easier to correct even if it is damaged while testing things like fund transfer among friends of the company.
Despite the fierce competition in the market, the government is confident that it will make rapid progress as it has two old and large government customers. Nepal Telecom has about 15 million customers while commercial banks have 3.5 million customers. He estimates that about one million of these customers will be duplicates.
The company is expected to attract older generation customers. Most of the customers with commercial bank accounts come from the older generation.
The paid up capital of Nepal Digital Payments is Rs. 400 million. The company has 61 percent investment from Nepal Telecom and 39 percent from Rastriya Banijya Bank. Namaste Pay was approved by the National Bank on March 19.
In terms of paid-up capital, Namaste Pay is the largest of the 28 payment service providers approved by Nepal Rastra Bank.